Exxon Mobil is pulling its $4billion Russian
oil and gas operations and halting new
investments after the Ukraine invasion
Daily Mail (UK) & Reuters,
by
Alyssa Guzman
&
Staff
Original Article
Posted By: Imright,
3/2/2022 3:26:52 AM
Exxon Mobil said it will pull its $4billion Russian oil and gas operations and halt new investments as a result of Russia's invasion of Ukraine. The decision, which was made on Tuesday, will see Exxon pull out of managing its large oil and gas production facilities on Sakhalin Island in Russia's Far East. This decision puts the fate of a proposed multi-billion dollar liquefied natural gas (LNG) facility there in doubt.'We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people,' the company said in a statement critical of the intensifying military attacks
Well that will show them - meanwhile FJB will not open new drilling in the US forcing us to pay much much more for petroleum products.. once Biden punishes America.
8 people like this.
Reply 2 - Posted by:
TLCary 3/2/2022 5:56:48 AM (No. 1087420)
Putin built up their gold reserves to $ 620 Billion. They can invest in themselves, and keep the profits. This doesn't stop Russia, it just changes who makes the profit. In the short term, it will drive up the price per barrel, hurting Americans at the pump and helping Russia by paying them even more. It's not so simple to hurt Russia. But Biden shutting down our pipelines and petroleum production, oh it's easy to hurt US.
6 people like this.
Reply 3 - Posted by:
stablemoney 3/2/2022 7:34:35 AM (No. 1087488)
Exxon should suspend operations, wait for the dust to settle, and otherwise keep their mouths shut. Getting on board with leftist posturing is a sinking ship. I do not support weaponizing business. Conservatives need to learn this too, because the left will use it against you to bar you from working, from services, from the financial system.
4 people like this.
Reply 4 - Posted by:
Paperpuncher 3/2/2022 7:44:08 AM (No. 1087497)
That totals now 3. BP, Shell and Exon.
0 people like this.
Reply 5 - Posted by:
TCloud 3/2/2022 8:18:57 AM (No. 1087524)
OPEC rubbing its oily hands with great excitement at this news. Roosiya yawns and will not have to sell anything to the idiots outside their borders. Sanctions Smanctions! Spend away Europe/USA because unbelieving OPEC will service your current needs. Krugman will write that now is the time for Biden to cap gas and force the US to go to Green! During Obama years, he suggested a $4 cap back them and that is pretty much what we pay on average at the pump now! They do this and they kill Capitalism! And the run to a 3rd World Misery would be accomplished!
0 people like this.
Reply 6 - Posted by:
Kate318 3/2/2022 10:27:39 AM (No. 1087650)
I always hate this sanctimonious, posturing period of any leftist narrative. The ribbons, the flags, the solidarity bumper stickers, the indignant speeches, the defiant memes, the useless gestures. The masses seem to lap these things up. Even people who should know better, get onboard. I have to give the devil his due, though. The left is very good at theatre. I give this period about a month, maybe? Then quietly, all those who “stood against Russia” will realize the money they are losing and slink back through the back door.
1 person likes this.
Reply 7 - Posted by:
pensom2 3/2/2022 12:44:29 PM (No. 1087757)
I applaud this action. Exxon is much more expert and these tasks than is Russia. This slows Russia's progress and reduces potential production. Say what you like, the more voices who can express outrage at Putin's foolhardy and pointless invasion of Ukraine, the more likely he will either find a face-saving way to pull back, or the more likely someone in the Russian military or in his inner circle will take him out.
0 people like this.
Reply 8 - Posted by:
DVC 3/2/2022 12:47:13 PM (No. 1087759)
Russian oil and gas production systems were massively outdated, incompetently run and extremely inefficient. And after 1992, US and Euriopean oil companies came in and became "partners" with Russion oil and gas and ponied up billions and billions to rebuild, restore and modernize Russian oil and gas infrastructure and to train their people in modern ways.
And rapidly, the Russian companies, once they had obtained all the up front benefits, decided it was time to force out their new "partners" (suckers). While I was in Russia in the early 20-teens, I believe it was Amoco that had the Russian state oil company offer to buy out their 49% "ownership" for about 15% of what it was worth. Amoco turned them down, of course. They had invested billions up front, and planned on getting returns on that investment for decades to pay it back, and eventually turn a profit. A second time the Russian state oil company made the lowball offer, and with more insistence. Again Amoco refused.
A month later, six Amoco engineers working in Russia were arrested on espionage charges. After months in hellish prisons, the Russian state oil company said that if Amoco would take the lowball offer, the charges could be erased. At this point, realizing that they were doing business with a criminal conspiracy disquised as a country, they walked away from billions of investment and got their engineers back.
NEVER, EVER do business with or trust a Russian. NEVER.
2 people like this.
Reply 9 - Posted by:
DVC 3/2/2022 12:53:33 PM (No. 1087765)
Actually, #2, the Russian government is "buying" gold and platinum mined in Siberia themselves with toilet paper rubles to keep their economic heads barely above water. Nobody wants to purchase anything from Russia now.
When I was in Khubarvosk in far eastern Russia, about 500 miles NNW of Vladivostok, I saw a huge, very nice modern building, and read the cyrillic sign...."Platinum Club". I guessed it was a night club. A local informed me that it was the meeting place for the wealthy platinum miners in the region. Extracting precious metals is one of Russia's significant industries. This is in far, far eastern Russia. 50 miles outside of the city, there is literally nothing but forest and the Trans-Siberian Railroad.
2 people like this.
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